Based on recent data from the National Association of Realtors (NAR), about 5.1 million existing houses and 740,000 new homes were sold in the US in 2023. On its own, real estate offers a lot of benefits, including cash flow, tax breaks, equity building, and a hedge against inflation. If it’s your first time to buy or sell real estate, you may be feeling a bit overwhelmed.
But the good news is that real estate lawyers can guide you through the process. According to real estate and estate planning law firm Thomas & Webber, real estate transactions can involve numerous steps and legal considerations. When the real estate transaction is in the closing process, a real estate attorney can make sure that buyers, sellers, agents, and lenders are on the same page.
Here are some scenarios where you should consider hiring a real estate attorney:
Purchasing a Property with Complex Legal Issues
If you’re buying a property with legal issues, you should hire a real estate attorney to ensure you clearly understand the risks involved in the transaction. Purchasing a property with legal issues may bring you more headaches than profits and without a real estate attorney’s expertise, you may face more legal challenges.
These issues range from title disputes and encumbrances to zoning restrictions and easements.
A real estate attorney will thoroughly review the property’s legal history, identify any potential problems, and guide you through the necessary steps to mitigate these issues. He or she will also make sure that all necessary documentation is properly prepared and executed, protecting your interests throughout the transaction.
Dealing with Zoning and Land Use Disputes
When dealing with zoning and land use disputes, having a skilled legal expert by your side can bring you peace of mind and ensure a favorable outcome. Zoning regulations and land use laws can overwhelm you and consume your time that you could have otherwise spent working.
A real estate attorney specializing in this area can provide you with the necessary guidance by thoroughly analyzing your property’s zoning codes and regulations, ensuring compliance and identifying any potential issues.
In the event of a dispute, your attorney will fight for your rights and negotiate with the opposing party or the city.
Negotiating and Drafting Contracts
A skilled attorney can create a contract that protects your interests. Your attorney has the expertise to identify potential risks and loopholes, ensuring that all necessary provisions are included to safeguard your investment.
With his or her guidance, you can negotiate the terms of the contract effectively, addressing any concerns and reaching a mutually beneficial agreement. A real estate attorney can draft the contract clearly and concisely, avoiding vague and confusing clauses.
Resolving Title Issues and Liens
Overcoming title issues and liens can be a daunting challenge, but with a skilled attorney’s expertise, you can confidently resolve these obstacles.
A real estate attorney can conduct a thorough title search to uncover any potential issues or liens that may affect the property you’re interested in. He or she will review all relevant documents, such as deeds, mortgages, and contracts, to ensure the property’s title is clear and free from any encumbrances.
If any issues or liens are found, the attorney will guide you through the necessary steps to resolve them, which may involve negotiating with creditors, filing legal documents, or even representing you in court if necessary.
Handling Foreclosure or Bankruptcy Proceedings
When facing foreclosure, a real estate attorney can help you understand your rights, negotiate with lenders, and explore alternatives to foreclosure, such as loan modification or short sales. Your attorney can review your mortgage documents, identify any potential violations, and protect you from unfair practices.
In bankruptcy proceedings, an attorney can advise you on the best course of action and ensure that your assets are protected. He or she can also assist in developing a viable plan to discharge or reorganize your debts, providing you with a fresh financial start.
Conclusion
Hiring a real estate attorney is beneficial, especially in situations mentioned above. Don’t take any chances regarding real estate; hire a skilled attorney in order to protect your investment.
